Binance Coin Faces Downward Pressure, Stumbles at $230 Resistance

Binance Coin Price Analysis

The price of Binance (BNB) coin has recently experienced a decline, dropping below the moving average lines. This downturn can be attributed to the rejection at the high price levels of $234 and $239. Here’s a detailed analysis by

Binance Coin Price Long-Term Prediction: Bearish

Binance coin’s price has fallen below the moving average lines, with rejection at the high price levels of $234 and $239 being the primary cause. Currently, BNB is trading within the range of $223 and $234 per coin.

Despite potential positive movements, further price increases are deemed unlikely due to the rejection at higher price levels. However, there is a risk of a decline if bears manage to break through the $223 support. In such a scenario, the altcoin may fall further to the low of $203. At the time of writing, the altcoin has already declined to $228.20.

BNB Indicator Reading

As of November 27, BNB’s price has fallen below the moving average lines for the second time. If the bulls do not step in to buy the dips, the downtrend is expected to continue. The downward-sloping moving average lines further indicate a prevailing downtrend.

Technical Indicators:

  • Key Resistance Levels – $300, $350, $400
  • Key Support Levels – $200, $150, $100

What is the Next Direction for BNB/USD?

Resistance at $230 has limited the upside potential for the cryptocurrency. BNB is currently trading within a narrow range of $223 and $230. According to the price indicator, there’s a likelihood of a dip in the cryptocurrency, with a potential reversal at the high of $212.

Last week, reported that after reaching a high of $274 on November 21, the Binance coin price fell below the moving average lines. Although the price has returned above the 50-day simple moving average, it remains trapped between the moving average lines.

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